Public, non-traded REIT, Lightstone Value Plus REIT II (LVPR II), recently acquired the Aloft Tucson University hotel. The hotel is located near the University of Arizona in Tucson, Arizona and was sold to LVPR II for about $19 million.
The hotel, located at 1900 E Speedway Blvd., features an outdoor pool, a fitness center and 1,723 square feet of meeting space. While originally built in 1972, the hotel was redeveloped and reopened in April 2013.
“This is a premium-branded hotel in a strategic location poised for growth,” commented David Lichtenstein, Chairman and CEO of LVPR II’s sponsor, The Lightstone Group, in a statement.
The property is half a block from the University of Arizona campus and close to a large medical center, downtown Tucson, corporate offices, and an international airport.
Lichtenstein added, “We believe this acquisition is representative of Lightstone’s ability to identify attractive investment opportunities.”
LVPR II invests in a diversified portfolio of opportunistic commercial real estate. Through December 31, 2013, the $300 million offering has raised gross proceeds of $72.6 million and is still open to new investors until all the shares are sold, or until September 27, 2014.
Orchard Securities is the dealer-manager of LVPR II through Lightstone Capital Markets, a branch office.